De La Rue Cites "Satisfactory" First Quarter, Progress In Finding CEO

LONDON (Alliance News) - De La Rue PLC said Thursday it had seen a "satisfactory" performance in its first quarter to end-June, and maintained its expectations for the financial year 2015/15.

The currency and security documents company said it has made good progress in identifying a new chief executive, and some strong candidates are being considered for the role.

De La Rue saw good order intake in its Currency division, although it continues to see challenging market conditions. In its Solutions segment, trading was in line its expectations.

Within its Identity Systems business, contribution was lower than in the previous year where it saw an unusually high number of contract completions, and it saw a slower-than-expected ramp up on recent contract wins.

It continued to make good progress in restructuring its cash processing solutions business, and is targeting break-even for the current financial year.

Based on its current production and shipment schedules, De La Rue expects its performance for the year to be weighted more heavily towards the second half than usual.

Shares in De La Rue were trading up 0.5% at 750.88 pence Thursday morning.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

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